Amedica Corporation (NASDAQ:AMDA), a biomaterial company that has developed silicon nitride ceramics as a material platform to manufacture and commercialize orthopedic implants, today announced that it expects to report second quarter 2015 revenue in the range of $4.7 millionand $4.9 million, as compared to $4.7 million during the first quarter of 2015.
Cash and cash equivalents at June 30, 2015 totaled approximately $12.4 million, while net cash used in operating activities during the first half of 2015 decreased by approximately $3.0 million from the prior year period.
These preliminary, unaudited financial results for the quarter ending June 30, 2015 are based on current expectations and are subject to quarter-end closing adjustments, actual results may differ.
Amedica has also received additional comments from the U.S. Food and Drug Administration (“FDA”) in response to the Company’s recent submission for 510(k) clearance of the Valeo C Interbody with CsC Osteo-Conductive Scaffolding (“Valeo C CsC”). After reviewing the product’s clinical performance data, as well as indications for use and device description, the FDA has requested that the Company provide 24-month clinical performance data before further clearance consideration. Two-year performance data from the CASCADE clinical trial will be available at the beginning of the fourth quarter 2015, thus pushing the timeline for an anticipated final response from the FDA to late fourth quarter 2015 or early first quarter 2016.
“I am very pleased with our improved financial discipline this quarter and the progress we’ve made with potential private label and OEM partners,” said Dr. Sonny Bal, chairman and CEO of Amedica Corporation. “Although it is unfortunate that we’re unable to bring our unique cervical composite interbody fusion device to the domestic market as quickly as we would have liked, we are aligning our efforts to get the FDA what they need in a timely manner. We remain dedicated to bringing additional new and innovative solutions to the market throughout the balance of this year that we believe offer distinct benefits to improve the efficacy of spinal fusion procedures, resulting in enhanced patient care.” (Original Source)
Following earnings, shares of Amedica are dropping 29.73% to $0.52 in after-hours trading. AMDA has a 1-year high of $4.48 and a 1-year low of $0.20. The stock’s 50-day moving average is $0.53 and its 200-day moving average is $0.51.
On the ratings front, Needham analyst Michael Matson reiterated a Buy rating on AMDA, with a price target of $1, in a report issued on May 8. The current price target represents a potential upside of 29.9% from where the stock is currently trading. According to TipRanks.com, Matson has a total average return of 10.7%, a 70.4% success rate, and is ranked #317 out of 3712 analysts.
Amedica Corporation is a commercial-stage biomaterial company. It is engaged in using its silicon nitride technology platform to develop, manufacture & commercialize medical devices. Its products include valeo interbody fusion devices & facet fixation.